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Portman has revealed it dropped its equity release offering because it has better things to do than "flog a dead horse".

The society, which will fully merge with Nationwide on August 28, dropped its equity release offering back in April.

Matthew Wyles, group development director at Portman, says it has no plans to reintroduce this type of product because it doesn't forsee potential for growth.

He says: "We see a gloomy outlook for the growth potential of equity release.

"Equity release was extremely hyped five years ago, but the growth that pundits had forecast has failed to materialise.

“We have not been writing any significant volumes of business in this area and we have better things to do than continue to flog a dead horse.”

Nationwide currently does not offer any equity release products.

Larry Banda, head of mortgages at Nationwide, says: “Equity release is still a niche area for a major lender, and while we will continue to monitor the market very carefully, there will not be any products in our portfolio at the time of the merger."


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Another nail in the proverbial!

MEW and ER has been THE cornerstone for Gordon's miracle economy. All that "free money" has fuelled the boom of the last decade or more. Now its all about to dry up--oh dear.

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